The World Economic Forum closed on Sunday in Davos.

Politicians advocated financial market reforms, among other things.

But industry representatives were unable to agree on a common strategy.

Still – cooperation is the key to the future, the European news media says.

La Vanguardia – Spain

According to the liberal daily La Vanguardia, the World Economic Forum in Davos has highlighted yet another international priority, namely “the need for cooperation in order to prevent a crisis of confidence due to national debt, which has grown exponentially as a result of the stimulus package, and which therefore could have dramatic economic and social ramifications. Given this situation, the European Union must first and foremost defuse the Greek bomb, because a suspension of payments by Greece would have serious consequences worldwide, but especially in Europe – and within Europe, most particularly in those countries already worst affected by the crisis”. (01/02/2010)

Neue Zürcher Zeitung – Switzerland

The current economic crisis stems from a crisis in values, writes the (daily) Neue Zürcher Zeitung. It criticises short-term thinking, lack of clear lines of responsibility, neglect of consumer needs, and a disregard for political acceptance:

“This year’s favourite word in Davos is ‘values.’ … But actually, free enterprise and society are based on common values. They cannot function if people do not share central moral convictions. Laws can neither force morality nor replace it to any great extent. A society in which everything were regulated would lack humanity and could not survive. That is why efforts to tackle the alleged and actual lack of decent behaviour by means of regulations are bound to fail, not to mention the fact that people have not suddenly become so much worse that they now have to be restrained.” (30/01/2010)

Ta Nea – Greece

The left-liberal daily Ta Nea expresses surprise at the central issue of the World Economic Forum in Davos: international cooperation:

“Karl Schwab, who founded the Forum in 1971, said that the problems with the international competition system needed to be examined. It looked like the subject of competition was missing from the Forum agenda, even though it’s the preferred subject of the thousands of politicians and entrepreneurs who convene in the Swiss village each year to regulate the global economic system. Does this mean that the dogma of ‘every man for himself’ is being given up in the attempt to set up ‘global governance’?” (30/01/2010)